Jun 25, 2014
If you’re like a lot of residents , you’re starting to notice real estate activity pick up around the Wake County real estate market lately. Perhaps you’ve even thought about getting in on the action as a home buyer before prices continue to rise.
If that sounds like you, then you’ve come to the right Wake County real estate blog!
Today, I’m going to share with you 6 useful tips on how you can prepare yourself as a first-time home buyer in Wake County.
How To Get Ready to Navigate the Wake County Real Estate Market
Here are some valuable steps that you should take if you’re a prospective first-time home buyer on the Wake County real estate market:
Research Selling Prices in Your Area. You can do this using a variety of websites, from Zillow to Homegain. By doing this, you’ll have a fairly good idea of how much you can expect to pay if you buy a home in the area.
Determine what you’ll be able to afford. For instance, take a moment now to check out our mortgage calculator, which will reveal what your monthly payment would be on any given home. Don’t forget to consider other recurring bills you might have, such as car payments or student loans.
Find out how much you’re likely going to pay in closing costs. These are all the costs you pay upfront when you purchase a home. They may include origination fees charged by the lender, title and settlement fees, taxes and real estate commission.
Analyze your current budget to get the big picture. This is important because you want to see how well a home mortgage is going to fit into your existing budget. Fannie Mae generally suggests that buyers not spend any more than 28 percent of their income on housing costs. Any more than 30 percent and you’re likely to become house poor.
Interview real estate agents in your area. By talking with them, you’ll get a sense of whether they think that home prices are starting to climb or remain steady for a while. This will give you a good idea of what to expect as a home buyer.
Remember to fully vet what all homeownership entails. It’s not just signing a bunch of legal documents at closing. Home ownership can be equal parts a joy and a labor of love. For instance, sometimes unexpected costs arise, such as a need for new appliances. But then again, owning a home also means you’ll have made a solid investment in your future. Consider all of the options before you decide to buy.
For More Home Buying Help, Contact Us at the Rachel Kendall Team.
We would love the opportunity to represent you as a home buyer on the Wake County real estate market.
Until next time,